A type of corporate restructuring designed to support the sale or ‘spin-out’ of part of a larger company. In effect a corporation sets up a subsidiary and transfers into it the assets to allow it to work as a standalone business and creates shares in that business. Then, at a later point the shares – the equity – in the business can be sold away in whole or in part from the parent corporation ‘carving-out’ the equity in the ‘spun off’ business.